Gazprom and CNPC Forge Strategic Energy Agreement Amidst Geopolitical Shifts

During a pivotal visit by President Vladimir Putin to China, Russian energy giant Gazprom will sign a key agreement with Chinese company CNPC, according to Kremlin foreign policy aide Yuri Ushakov. The announcement comes amidst broader geopolitical shifts affecting global energy dynamics.

As Western sanctions continue to curtail Russia's access to European energy markets in response to the conflict in Ukraine, the Kremlin is increasingly focusing on Asia to sustain its oil and gas exports. Industry insiders revealed that China aims to purchase more Russian natural gas through an existing pipeline while negotiations on a new route face hurdles.

Gazprom initiated gas deliveries to China in 2019 via the Power of Siberia 1 pipeline from East Siberia, which is projected to achieve its full annual capacity of 38 billion cubic meters this year, underscoring the strategic importance of the Sino-Russian energy partnership.

(With inputs from agencies.)